Exness - Refuse to pay my winnings

Alex Bainbridge

Private, 1st Class
Messages
27
My trading account # 885800.

In December 2019. I have opened 2 short positions on BTCUSD with Exness. There was technical glitch from their side and wrong leverage of 1:200 instead of 1:100 was applied to my account. I was not aware that this wrong leverage was applied to my account, neither they were, because I double checked it with their support during time my positions were opened. I based my risk assessment and stop loss level on Margin shown in my MT4 with leverage 1:100, that was wrong assessment because I was losing twice as I should be losing since wrong leverage of 1:200 was applied to my account. Later, they admit there was technical glitch from their side, and that wrong leverage was applied to my account. It was already too late since stop out was triggered on my account and my all funds wiped out. I brought my case to them with all calculations showing that if everything was correct on my account, my positions would be winning, not losing, no stop out would be triggered, but they continue to fail to accept all my proofs while providing no true proofs and calculations to back up their claim that I would be losing either way, that is completely false!

If my case is not resolved, and 5854.50 EUR paid from Exness to my trading account # 885800 then I would be forced to bring my case to court and claim my winnings that way.

Everyone can feel free to contact me here directly if more details about Exness and my case are wanted.

Best formula for profit and loss calculation, and formula which is used for risk assessment is Profit/Loss=(closing price/opening price - 1) x Leverage x Margin. Margin is automatically calculated by MT4, and it's value is 622.64 EUR for both my positions, and if leverage is wrong, then risk assessment is wrong too, and that is completely unacceptable!

Showing email from Exness where they admit wrong leverage was applied to my account without my knowledge, or their knowledge during my positions were opened. Yet again, they refuse to pay my winnings! Fraudulent activity, not acceptable!

Exness, I demand my account #885800 to be funded with amount 5854.50 EUR and my case finally resolved! That is only fair and possible solution for my case.
Sorry to hear this have you had it returned yet?
 

Deltoid88

Master Sergeant
Messages
259
Client has been informed that we have investigated his case and that our decision is final.

Final decision based on wrong calculation! Interesting!

I proved Exness's calculations wrong each time, and they still refuse to pay what they owe me!

I demand my case reopened and funds payed to my account.

Exness, please show everyone here on what arguments and calculations you based your decision not to pay me my funds?

@Alberto Frattin show publicly on what reasons you are not paying me my funds. I am going to prove you wrong so everyone can see.

Official complaint to your FSA regulator has already been sent.

Waiting your respond.
 
Last edited:

Alberto Frattin

Exness Representative
Messages
11
Dear @Deltoid88,

We would like to inform you that according to Exness client’s agreement: once the server has received the Client's instruction to open a position, it will be automatically opened if the Free Margin is sufficient to open the position based on the margin requirements in effect at the time a position is opened for a specific financial instrument.

The client must fully understands and undertakes to comply with the terms of this document (Client Agreement) and the various documents found on the Company’s website.

Moreover, please note that according to the client agreement:
* The Client consents to the provision of the information of the Agreement by means of a Website.
* It is the Client’s responsibility to ensure that he understands how a Margin is calculated.

Finally, you may refer to the trader’s calculator in order understand how profits and losses are calculated in our company and which method we use, this tool is being used by all our clients.

We'll not disclose personal information about your orders here due to privacy agreement, but a detailed explanation and calculation of your orders has been sent to you via email.

Based on this, the decision on the request remains unchanged.
 

Deltoid88

Master Sergeant
Messages
259
@Alberto Frattin I am perfect with math and all trading calculations. The one who need help with calculations are you and your team. Please, feel free to share any information regarding my positions. You have my permission to do it.

Not to waste any more time on irrelevant subjects, I am going to show once again what Exness replied, and to prove them wrong with detailed calculations.

Here is Exness calculation of Margin:

Exness 7.jpg

You can see that total Margin for leverage 1:100 which Exness provided is 1245.28 EUR, and Margin shown in my MT4 is 622.64 EUR. Here is proof:

1 (2).jpg

@Alberto Frattin you used wrong lot size for calculating margin, therefore you can not proceed to calculate loss for my positions with wrong lot size! That is the point here! Margin in MT4 must be correct always, and leverage must be 1:100. That is written in contract specifications for BTCUSD. So, whole point of my case, would my positions still be losing with total margin 622.64 EUR and leverage 1:100? Let's check that with calculations.

What Exness provided is what we already know, that my positions would be losing if Leverage was 1:200 and Margin was 622.64 EUR, and I agree with that, but that is not point of my case. Exness pretends like everything was correct on my account, but it was not. Wrong leverage was applied to my account. I wanted to have total Margin of 622.64 EUR with 1:100 leverage, not with 1:200 leverage!

Mistake Exness is making when calculating loss for my positions is wrong lot size. Correct lot size is 4.5 lot and 5 lot. Again, they just pretend that everything was correct on my account! Lot size needs to be calculated manually before calculating loss for my positions since there for error with leverage on my account. Here is calculation:

For order # 19300935, Margin1 = 622.64 x 10 x 7324.02 / (10 x 7324.02 + 9 x 7326.53) = 327.65 EUR,
for order # 19300936, Margin2 = 622.64 x 9 x 7326.53 / (10 x 7324.02 + 9 x 7326.53) = 294.99 EUR,
Margin1 + Margin2 = 622.64 EUR, total margin shown in MT4, everything is correct. Now, when we have margin for both positions we can manually calculate correct lot size:

Lot size = Margin x Leverage x EURUSD / Price. EURUSD rate at time my positions were opened was 1.11765. For order # 19300935, Lot size1 = 327.65 x 100 x 1.11765 / 7324.02 = 5 Lots, not 10 lots like Exness calculated. For order # 19300936, Lot size2 = 294.99 x 100 x 1.11765 / 7326.53 = 4.5 Lots, not 9 lots like Exness calculated!

Now, when we have correct lot sizes for my positions we can proceed with calculations of loss on my positions and see if stop out would indeed be triggered. Loss calculation at price 7473.54 and 7473.26:

For order # 19300935, Loss1 = (closing price - opening price) x Lot size1 / EURUSD = ( 7473.26 - 7324.02 ) x 5 / 1.11765 = 667.65 EUR
For order # 19300936, Loss2 = ( 7473.54 - 7326.53 ) x 4.5 / 1.11765 = 591.91 EUR.
Total loss = 667.65 + 591.91 = 1259.59 EUR.
Stop out is going to be triggered is account equity becomes 0, and my account size was 2300 EUR, so equity at time my positions were closed was: Equity = 2300 - Loss1 - Loss2 - commission = 2300 - 1259.59 - 59.50 = 980.91 EUR. Equity was much higher then 0 and no stop out should be triggered on price 7473.54 for BTCUSD.

This calculation is undeniable proof that my positions would not be closed due to stop out if indeed I had 622.64 EUR margin, and 1:100 leverage applied on my account. @Alberto Frattin what do you have to say about this?!

Next step is to calculate on which price stop out would indeed be triggered, and to determine would my positions would either way be losing, or would they be winning.

This email from me to Exness provides detailed calculation where is true stop out price if correct leverage of 1:100 was applied to my account, with Margin of 622.64 EUR:

Stop out price.jpg

Here we can see that stop out price is 7588.80 for BTCUSD, and by checking price action for BTCUSD from 29.12.2019. - 3.1.2020. we can see that BTCUSD peaked at 7525.56 and then fell bellow my take profit level of 6900 for BTCUSD. That means my positions would not be losing, but winning. No stop out would be triggered if indeed I had margin 622.64 EUR and leverage 1:100 applied to my account, which I thought I have, and which I did not have only because WRONG LEVERAGE of 1:200 was applied to my account!

Next email provides profit calculation for my positions:

Profit calculation.jpg

Total profit is 3614.26 EUR, adding that on my existing account balance of 2300 EUR and deducting charged commission by Exness of 59.50 EUR we get amount I should have on my account, and that is: 2300 + 3614.26 - 59.50 = 5854.76 EUR, and this is amount Exness owes me and refusing to pay!

This is only truth about my case, proven by detailed calculation. Exness must pay me my funds in full, that is only possible solution for my case.

@Alberto Frattin I demand amount of 5854.76 EUR to be funded to my trading account # 885800 as soon as possible.
 

Alberto Frattin

Exness Representative
Messages
11
Dear client,

We understand your frustration. We agree that the margin was calculated based on leverage 1:200 instead of 1:100 due a technical glitch. However, leverage changes would not bring any difference to the trading result, to your loss in this case. Please rest assured that the issue behind it was identified and fixed on the same day.

Kindly be informed that the risk management is well calculated before you take action on your trading platform, therefore if you decided to open 10 lot and 9 lots positions and it was accepted by our server, then any realized profit or loss will not be reviewed or contested unless there was a technical failure in our servers such as the order couldn't be modified or closed by our client.

Based on the information provided and our investigation (please refer to our emails sent on the 7th of January, 8th of January, 1st of April, 5th of May), the final decision regarding your complaint remains unchanged.

Best regards
 

Deltoid88

Master Sergeant
Messages
259
We understand your frustration. We agree that the margin was calculated based on leverage 1:200 instead of 1:100 due a technical glitch. However, leverage changes would not bring any difference to the trading result, to your loss in this case. Please rest assured that the issue behind it was identified and fixed on the same day.

That is completely unacceptable! I was misguided by this information, and only that affected outcome of my positions! Moreover, just after I opened my positions I specifically asked your support is leverage indeed 1:100 on BTCUSD, I even sent them screen shots of my positions, and they confirmed it is. You admit there was technical glitch in your system which made wrong leverage of 1:200, I proved leverage change was crucial for my positions, what are you waiting for to pay my funds?!

1 (2).jpg

Kindly be informed that the risk management is well calculated before you take action on your trading platform, therefore if you decided to open 10 lot and 9 lots positions and it was accepted by our server, then any realized profit or loss will not be reviewed or contested unless there was a technical failure in our servers such as the order couldn't be modified or closed by our client.

You do not understand @Alberto Frattin ! Let me explain you my process of thinking. Yes, I calculated risk before opening my positions based on this formula: Profit/Loss = (closing price/opening price -1) x Leverage x Margin, this formula is 100% correct, there is no need to know lot size, contract size, pip profit, all of that is simply embedded into margin. All I need is margin and leverage. I calculated that for 100 leverage I need Margin of 622.64 EUR, because I wanted to have stop out price on 7588.80 level for BTCUSD, that was core value of my positions. Since margin is calculated by MT4 automatically as soon as position is opened, I do not practice calculating it before opening positions, because there is no need, it is waste of time. I just open one position with size which would for sure fit my risk assessment, and when I see what is margin in MT4, I add another position to fit my risk assessment perfectly for desired stop out level. That is the reason why I had two identical positions on my account, I WOULD NOT ADD second position if calculation of margin was CORRECT, I would just have 1 position which would fit my risk assessment level and position would be winning! That way I have no need for calculation manually of margin, to know lot size, contract size or anything, I just need correct margin in MT4 and correct leverage.

That way my risk is maximized, and also my potential profit. I am advanced trader and it is my right to do like I described. I do it for years like that with perfect risk assessment. Your obligation is to provide correct data for my position, and only relevant data I need for my positions are leverage and margin in MT4. So, I did not want to open 10 + 9 lots positions, I wanted to open positions with margin of 622.64 EUR in MT4 and with leverage 100. I thought I had that by opening another position of 9 lots after first position, but did not have that due to error from your side, therefore you are only responsible for my positions being losing instead of winning, and you must pay me funds you owe me. Logic question, why would I open 2 identical positions with same stop out and take profit level if not for reason I just described? If I wanted to open 19 lots position, I would open just one position, so simple.

Because of the way how I look at positions, which is my right as trader, leverage mistake from your side made my risk assessment wrong, because I was losing 2 times more then I wanted, then I should have if there was not that leverage error in your system. So, in my case leverage error made difference in trading result of my positions like shown in detailed calculations in my previous post. I wanted to have short positions with margin of 622.64 EUR for 100 leverage, not for 200 leverage!

I demand amount of 5854.76 EUR to be funded to my trading account # 885800 as soon as possible as that could be only fair resolution for my case. I proved leverage error made difference in outcome of my positions, now pay my funds! You must pay for your mistake, certainly I wont pay for it!
 

FxMaster

Lt. Colonel
Messages
10,565
That is completely unacceptable! I was misguided by this information, and only that affected outcome of my positions! Moreover, just after I opened my positions I specifically asked your support is leverage indeed 1:100 on BTCUSD, I even sent them screen shots of my positions, and they confirmed it is. You admit there was technical glitch in your system which made wrong leverage of 1:200, I proved leverage change was crucial for my positions, what are you waiting for to pay my funds?!

View attachment 54882



You do not understand @Alberto Frattin ! Let me explain you my process of thinking. Yes, I calculated risk before opening my positions based on this formula: Profit/Loss = (closing price/opening price -1) x Leverage x Margin, this formula is 100% correct, there is no need to know lot size, contract size, pip profit, all of that is simply embedded into margin. All I need is margin and leverage. I calculated that for 100 leverage I need Margin of 622.64 EUR, because I wanted to have stop out price on 7588.80 level for BTCUSD, that was core value of my positions. Since margin is calculated by MT4 automatically as soon as position is opened, I do not practice calculating it before opening positions, because there is no need, it is waste of time. I just open one position with size which would for sure fit my risk assessment, and when I see what is margin in MT4, I add another position to fit my risk assessment perfectly for desired stop out level. That is the reason why I had two identical positions on my account, I WOULD NOT ADD second position if calculation of margin was CORRECT, I would just have 1 position which would fit my risk assessment level and position would be winning! That way I have no need for calculation manually of margin, to know lot size, contract size or anything, I just need correct margin in MT4 and correct leverage.

That way my risk is maximized, and also my potential profit. I am advanced trader and it is my right to do like I described. I do it for years like that with perfect risk assessment. Your obligation is to provide correct data for my position, and only relevant data I need for my positions are leverage and margin in MT4. So, I did not want to open 10 + 9 lots positions, I wanted to open positions with margin of 622.64 EUR in MT4 and with leverage 100. I thought I had that by opening another position of 9 lots after first position, but did not have that due to error from your side, therefore you are only responsible for my positions being losing instead of winning, and you must pay me funds you owe me. Logic question, why would I open 2 identical positions with same stop out and take profit level if not for reason I just described? If I wanted to open 19 lots position, I would open just one position, so simple.

Because of the way how I look at positions, which is my right as trader, leverage mistake from your side made my risk assessment wrong, because I was losing 2 times more then I wanted, then I should have if there was not that leverage error in your system. So, in my case leverage error made difference in trading result of my positions like shown in detailed calculations in my previous post. I wanted to have short positions with margin of 622.64 EUR for 100 leverage, not for 200 leverage!

I demand amount of 5854.76 EUR to be funded to my trading account # 885800 as soon as possible as that could be only fair resolution for my case. I proved leverage error made difference in outcome of my positions, now pay my funds! You must pay for your mistake, certainly I wont pay for it!
Now, if you think you are correct here then you can go to regulators. you have the details or you want me to share it?
 

Deltoid88

Master Sergeant
Messages
259
Now, if you think you are correct here then you can go to regulators. you have the details or you want me to share it?

I do not think I am correct, I know I am correct.

I already approached FSA regulator about this, waiting for update. But yes, please share information how to approach regulators so readers can see.
 
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